The founding member countries: Iran. Iraq,Kuwait,Saudi Arabia and Venezuela.
Today members: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
Has maintained its headquarters in Vienna since 1965.
OPEC members collectively hold 79% of world crude oil reserves and 44% of the world’s crude oil production, affording them considerable control over the global market.
Principal goals:
1. Determination of the best means for safeguarding the organization's interests, individually and collectively. 2. Pursues ways and means of ensuring the stabilization of prices in international oil markets with a view to eliminating harmful and unnecessary fluctuation 3. Persues an efficient and regular supply of petroleum to consuming nations 4. Fair return on their capital to those investing in the petroleum industry
In 1973 with the oil empargo prove it was an useful organization.
OPEC
- Organization of Petroleum Exporting Countries.
- Founded in 1960.
- Created in the bagdhad conference
- The founding member countries: Iran. Iraq,Kuwait,Saudi Arabia and Venezuela.
- Today members: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
- Has maintained its headquarters in Vienna since 1965.
- OPEC members collectively hold 79% of world crude oil reserves and 44% of the world’s crude oil production, affording them considerable control over the global market.
- Principal goals:
1. Determination of the best means for safeguarding the organization's interests, individually and collectively.2. Pursues ways and means of ensuring the stabilization of prices in international oil markets with a view to eliminating harmful and unnecessary fluctuation
3. Persues an efficient and regular supply of petroleum to consuming nations
4. Fair return on their capital to those investing in the petroleum industry